Swiss Franc Tries to Hold Ground, Weighed by Poor Macroeconomic Data

The Swiss franc was trying to hold its ground today and managed to do so against some of its rivals. It was made complicated by lackluster domestic macroeconomic data and the improving market sentiment.

The KOF Economic Barometer fell from 103.3 in April (negatively revised from 105.3) to exactly 100.0 in May instead of rising to 104.6 as analysts had promised. That was the lowest reading since December 2015. The report commented on the result:

The current value of 100 points to an average development of the Swiss economy in the coming months.

USD/CHF slid from 0.9913 to 0.9893 as of 9:27 GMT today. Meanwhile, EUR/CHF rose from 1.1437 to 1.1479.

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